ADVERTISEMENT

Google Seeks CCI Approval to Buy Stake in Jio
G

Google has submitted approval for its 33,737 Crore INR investment in Jio Platforms to CCI. Notably, the fund would give Google a 7.73% stake in the company. As per the filing, Google is investing in Jio Platforms to make a new smartphone in India. The tech giant's investment in Jio is its first and most prominent investment in India via its India Digitisation Fund worth 10 billion USD.

Google, an internet tech giant, has sought approval from CCI, Competition Commission of India (1), its antitrust watchdog. It has filed for its 33,737 Crore INR investment in Jio Platforms. Notably, the fund would give Google a 7.73% stake in the company. 

According to the CCI filing, the giant is investing via Google International LLC, the Google LLC subsidiary. In comparison, Jio Platforms is a subsidiary of Reliance Industries Limited. The application mentions that the tech firm is investing in Jio Platforms to manufacture a smartphone in India. 

The filing read that the proposed transaction would enable both firms to develop and launch a new smartphone in the country. Hence, both parties consider that India’s mobile phone supply market is the only relevant market to assess the deal’s horizontal effects. It added that outside the settlement, Google and Jio Platforms would continue to manage their businesses independently. 

 

Google and Jio Platforms to Develop Android Smartphone System

Mukesh Ambani, Chairman of Reliance Industries, had announced at the 43rd AGM, Annual General Meeting of Reliance, about the deal. He stated that the tech giant would invest 33,737 Crore INR, or 4.5 Billion USD, for a 7.73% stake in Jio Platforms, the Reliance’ digital venture. 

The tech giant’s investment in Jio is its first and most prominent investment in India via its India Digitisation Fund worth 10 billion USD. It added that the move would help India to unleash its digital economy potential. 

During the Annual General Meeting, Ambani announced that Google and Jio Platforms would develop a smartphone OS based on Android. It would have the potential to power, entry-level 4G, or 5G value-engineered smartphone. The development aims to create “2G Mukt Bharat.”

As per reports, both firms could launch a low-cost 4G smartphone in India by the end of 2020 or early next year. There are plans to manufacture over 100 million such mobile phones India bundled with Jio data packs. 

+ posts

Rucha Joshi is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student. She's currently working as a content writer and is always interested in a challenge.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Rucha Joshi
Rucha Joshi
Rucha Joshi is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student. She's currently working as a content writer and is always interested in a challenge.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

Peggy Founder - Harkamal Singh Grover with Nikita Mittu (Team TimesNext)

I Scream, You Scream – Peggy Ice-Cream, Chandigarh

0
“My dad is a Foodie. A foodie from another generation has passed his love for food to me.” – says Harkamal Singh Grover  If you follow...
On Sunday, Amazon won an interim order against its partner, Future Group. The group was all set to sell its retail business to Reliance for Rs 24,713 crore.

Battle of Business Rivalry: Amazon Vs. Reliance

0
The high-profile and exclusive partnership between Amazon (1) and Future Group (2) is on the rocks after Amazon sought legal proceedings against the retail...
the-unheard-story-of-xero-degrees-patiala

The Unheard Story of Xero Degrees and Their Adorable Outlet at Patiala

0
Xero Degrees (1) is now an established brand that was founded by Kashish Aneja and his friend, Shivam Kakkar. Kashish Aneja studied marketing and...
Getting a job at Google is the dream of most people. Today Google is the top technology company ruling all over the other sites in the world.

How to get job at Google? Things you should know while applying for a...

0
When you dream about working at Google, your inner self tells you how unique perks Google provided you while working like unlimited free food,...
There is an imminent requirement for data protection that safeguards personal information from corruption, compromise, and loss.

The Need for India to Regulate Personal Data Protection on Social Media

0
The modernization and innovation in the Information Society determine the new necessities for current information and communication technologies to find different globalization problems and...
KillerLaunch is providing excellent work from home opportunities for students and young professionals amidst the pandemic, supporting PM's Vocal for Local push.

Tired of searching jobs near me on the internet? 6 tips to find jobs...

0
If you're finding a job in a specific geographic area, chances are either you've just moved in or looking for a position close to...
The E-commerce industry has been the center of attraction. With abundant users and market strategies, the game for a competitive market has been growing.

E-commerce Wars: Is there a winner?

0
It's 2020, We are now facing a crisis that isn't showing a positive change. The market has been predicted to sink if proper economic...
COVID-19 marks a paradigm shift. Everything is set to change. It has altered the ways we go about our personal and professional lives.

How Has COVID-19 Changed Healthcare Forever

0
COVID-19 marks a paradigm shift. Everything is set to change. It has altered the ways we go about our personal and professional lives. Education,...
ADVERTISEMENT